Stock-Based Compensation

12 Months Ended

Dec. 31, 2020

Stock-Based Compensation

In July 2011, a Special Meeting of Stockholders of Heartland Express, Inc. was held, at which meeting the approval of the Heartland Express, Inc. 2011 Restricted Stock Award Plan (the “Plan”) was ratified. The Plan made available up to 0.9 million shares for the purpose of making restricted stock grants to our eligible officers and employees. The Plan has 0.1 million shares that remain available for the purpose of making restricted stock grants at December 31, 2020. Shares granted in 2017 through 2020 have various vesting terms that range from immediate to four years from the date of grant and have share prices ranging between $18.12 and $23.37. Compensation expense associated with these awards is based on the market value of our stock on the grant date. Compensation expense associated with restricted stock awards is included in salaries, wages and benefits in the consolidated statements of comprehensive income. There were no significant assumptions made in determining fair value. Compensation expense associated with restricted stock awards was $2.1 million, $2.1 million, and $0.5 million for the years ended December 31, 2020, 2019, and 2018, respectively. Unrecognized compensation expense was $0.7 million at December 31, 2020 which will be recognized over a weighted average period of 0.9 years.

The following table summarizes our restricted stock award activity for the years ended December 31, 2020, 2019 and 2018. The vesting dates for the awards vested in 2020 occurred relatively evenly throughout the year ended December 31, 2020. The fair value of awards vested during 2020, 2019 and 2018 was $2.3 million, $1.8 million and $0.8 million, respectively.


	2020
	Number of Restricted Stock Awards ( in thousands)	Weighted Average Grant Date Fair Value
Unvested at January 1	52.1	$	20.55
Granted	119.9	20.24
Vested	(111.8)	20.38
Forfeited	(0.5)	19.32
Outstanding (unvested) at end of year	59.7	$	20.29


	2019
	Number of Restricted Stock Awards ( in thousands)	Weighted Average Grant Date Fair Value
Unvested at January 1	26.5	$	21.31
Granted	114.0	19.88
Vested	(87.9)	19.93
Forfeited	(0.5)	17.11
Outstanding (unvested) at end of year	52.1	$	20.55


	2018
	Number of Restricted Stock Awards (in thousands)	Weighted Average Grant Date Fair Value
Unvested at beginning of year	53.7	$	21.82
Granted	10.0	18.58
Vested	(35.7)	21.48
Forfeited	(1.5)	17.11
Outstanding (unvested) at end of year	26.5	$	21.31